Tokyo : The Japanese parliament Wednesday passed a law to freeze financial and real estate transactions by individuals and organisations involved in international terrorist activities, including the Islamic State (IS) and the Al Qaeda.
Altogether around 90 groups and 373 individuals designated by the Disciplinary Committee of the UN Security Council are subject to the newly enacted law that goes into effect immediately from Wednesday.
The law imposes penalties of up to one year’s imprisonment or fines up to $4,268 to people who repeatedly engage in transactions with groups or individuals linked to cross-border terrorist activities.
The decision has come after an inter-governmental body, the Financial Action Task Force, backed by the Organisation for Economic Cooperation and Development to control money laundering, highlighted last June that Japan was the only country in the G7 Group that had not taken steps to remedy legal loopholes in this area.
Until now, Japan had only limited foreign currency transfers by groups classified as terrorists by the UN Security Council.
In another decision to combat international terrorism, the Japanese parliament last week passed an amendment to a law intended to combat the financing of these groups.
Under the revised law, those who supply weapons to such organizations could face up to 10 years in prison.